LICENSE AGREEMENT
(Quadrant Sensor)
between
CONTROL DEVICES, INC.
and
XXXXXX X. XXXXX
This License Agreement, made and entered into as of the 27th
day of December, 1998 by and between XXXXXX X. XXXXX (XXXXX), an
individual having a residence at 0000 Xxxxxx Xxxxxx, Xxx Xxxxx,
Xxxxxxxx 00000, and CONTROL DEVICES, INC. (CONTROL DEVICES), an
Indiana corporation, having a place of business at Xxxxx 00,
Xxxxxxxx, Xxxxx 00000.
Whereas XXXXX represents that he has the sole right to grant
licenses under the Invention (as hereinafter defined) and under
patents that might issue thereon; and
Whereas XXXXX is willing to grant an exclusive license of the
Invention to CONTROL DEVICES based on the conditions hereinafter
set forth; and
Whereas CONTROL DEVICES is willing to acquire an exclusive
worldwide license for such Invention; and
Whereas this License Agreement is entered into pursuant to the
terms of the Agreement to Grant License between the parties dated
April 1, 1995 (the "Agreement to Grant License") which is in effect
and not terminated prior to the execution and delivery hereof.
Now, therefore, in consideration of the foregoing and the
rights and obligations hereinafter set forth, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as
follows:
ARTICLE I. DEFINITIONS
Section 1. When used in this License Agreement, the
following terms shall have the following meanings for all purposes
of this License Agreement.
Section 1.1 "Invention" means the method and/or apparatus
which (i) was discovered by XXXXX, (ii) pertains to a sensor
comprising one or more photodiodes (or their equivalent) overlayed
by tower(s) having a hollow vertical tube above each photodiode,
wherein the interior surface of each tube has a controlled surface
roughness in order to increase the amount of light radiation
transmitted from one end of the tube to the other. Invention
further includes any methods, processes, electrical circuits,
devices, apparatuses, designs, equipment, and/or structures for
such a system or for use in connection therewith.
Section 1.2 "Licensed Patent(s)" means any and all letters
patent owned by XXXXX claiming the Invention that may issue or
have been issued including any and all renewals, divisions,
continuations, continuations-in-part, reissues, substitutions,
confirmations, registrations, revalidations, revisions, extensions,
or additions of or to any of the aforesaid patents and patent
applications.
Section 1.3 "Valid Claim(s)" means any claim(s) in an
unexpired patent included within the applicable Licensed Patents
which claim has not been held unenforceable, unpatentable or
invalid by a decision of a court or other governmental agency of
competent jurisdiction, unappealable or unappealed within the time
allowed for appeal, and which has not been admitted to be invalid
or unenforceable through reissue or disclaimer. If in any country
there should be two or more such decisions conflicting with respect
to the validity of the same claim, the decision of the higher or
highest tribunal shall thereafter control; however, should the
tribunals be of equal rank, then the decision or decisions
upholding the claim shall prevail.
Section 1.4 "Know-How" means and includes all discoveries,
inventions, improvements, technical information, trade secrets,
prototypes, models, experience, work products, documentation,
reports and data, and all results from experiments, testing
development and demonstrations, and any other data, written or
unwritten, including all such information and knowledge derived
from work and services performed prior to the date of this License
Agreement by XXXXX, all of which relate to the Invention, at least
some of such Know-How having been disclosed to CONTROL DEVICES
pursuant to written agreements of confidentiality.
Section 1.5 "Affiliate(s)" of CONTROL DEVICES means any
partnership, organization, association, company, corporation,
individual or other entity which is controlled, directly or
indirectly, by CONTROL DEVICES or wherein CONTROL DEVICES, directly
or indirectly, owns more than fifty percent (50%) of the equity or
voting stock. Except as the context may otherwise require, for the
purposes of this License Agreement, the term CONTROL DEVICES shall
mean and include the Affiliates of CONTROL DEVICES.
Section 1.6 "Royalty Product(s)" includes any process,
method, substance, equipment, mechanism, device or other property,
or combination thereof, the manufacture, use or sale of which would
but for this Agreement, infringe one or more Valid Claims, or any
process, method, substance, equipment, mechanism, device or other
property, or combination thereof, the manufacture, use or sale of
which utilizes Know-How.
Section 1.7 "Net Selling Price" means CONTROL DEVICES'
invoice price, being the price billed exclusive of taxes, such as
sales, use, or other added taxes less a documented deduction under
normal business practices for transportation, freight, insurance,
promotions, discounts, and duty if such deductions are applicable.
If in any transaction a Royalty Product is Sold without a
separately identifiable Net Selling Price (either because such sale
is part of a larger transaction including additional equipment
and/or services, or for any other reason), then for purposes of
this License Agreement, the Selling Price shall mean the
established current Net Selling Price for equivalent quantities of
Royalty Products when Sold and invoiced separately, but if no Net
Selling Price has been established, the Net Selling Price shall be
deemed to be the fair market price.
Section 1.8 "Sold" (together with conjugate terms "Sell,"
"Sale," "Sales," "Selling," etc.) means generally transferred by
CONTROL DEVICES or any Affiliate or sublicensee of CONTROL DEVICES
for value in an arm's length transaction to a transferee other than
an Affiliate or sublicensee of CONTROL DEVICES, and shall include
without limitation, Royalty Products which are rented, leased,
consigned or given, except salesperson samples provided without
charge. Royalty Products shall be considered Sold when billed out;
or, if not billed out, then when shipped, mailed, or otherwise
delivered, or when paid for before delivery. However, upon
expiration or termination of this License Agreement, all Royalty
Products shipped or otherwise delivered on or prior to the date of
such expiration or termination, which have not been billed out or
otherwise disposed of, shall be considered Sold and therefore
subject to royalties hereunder. A lease, a consignment, a transfer
to a place of use or a delivery to another, regardless of the basis
of compensation, if any, is an example of a disposition to be
treated as a Sale and subject to royalties. The scrapping as junk
so as not to be used for the normal contemplated or intended
purpose thereof, or the mere routine manufacturing and testing
thereof, is an example of a disposition which, in itself, is not
subject to royalties. Royalties paid hereunder on License Products
returned to CONTROL DEVICES for which credit is allowed by CONTROL
DEVICES shall be entitled to be deducted from royalties due for the
period in which credit is allowed.
Section 1.9 "Solar Sensor License Agreement" means the
License Agreement dated November 6, 1989 originally executed
between XXXXX, as licensor, and GTE Products Corporation, as
licensee, subsequently assigned by licensee to GTE Control Devices
Incorporated in July 1992 and subsequently assigned to CONTROL
DEVICES in July 1994 which provides for the license of a solar
sensor invention.
ARTICLE II. LICENSE GRANT
Section 2.1 Pursuant to the Agreement to Grant License,
XXXXX grants CONTROL DEVICES a worldwide exclusive license under
the Licensed Patents and/or Know-How to make, use, Sell or
otherwise dispose of Royalty Product(s).
Section 2.2 The exclusive license granted herein includes
the right to sublicense provided that CONTROL DEVICES notifies
XXXXX regarding any sublicense, reports to XXXXX regarding any
sublicense, reports to XXXXX the Sales made under such sublicense,
accounts for royalties on such Sales and pays royalties thereon to
XXXXX in the same manner as provided herein for Sales by CONTROL
DEVICES, as though such Sales were made by CONTROL DEVICES itself.
Section 2.3 Except as provided in Article VII herein, the
exclusive license granted to CONTROL DEVICES precludes XXXXX from
making, having made, using, selling or otherwise disposing of
Royalty Products.
ARTICLE III. PAYMENTS
Section 3.1 Pursuant to the Agreement to Grant License and
in order to achieve a lower royalty rate, CONTROL DEVICES elects
and agrees to pay XXXXX royalties on Sales by CONTROL DEVICES,
Affiliates and sublicensees anywhere in the world at a rate equal
to one percent (1%) of the Net Selling Price: (i) of Royalty
Products the making, using or selling of which are covered by one
or more Valid Claims; and (ii) of all other Royalty Products
whether or not such products are covered by one or more Valid
Claims from and after the date hereof and continuing until the
twentieth anniversary of this License Agreement. Further, CONTROL
DEVICES acknowledges that these royalty rates are at its suggestion
and election and do not represent a basis for any claim of patent
misuse.
Section 3.2 The obligation to pay XXXXX a royalty under
this Article III is imposed only once with respect to the Net
Selling Price of any individual unit of Royalty Product regardless
of the number of Valid Claims or Licensed Patents or the amount of
Know-How covering the same or the number of sensors included in the
same. Notwithstanding anything to the contrary contained in the
Solar Sensor License Agreement, CONTROL DEVICES shall not be
obligated to pay any royalties to XXXXX pursuant to the Solar
Sensor License Agreement for the Sale of Royalty Products (as
defined herein) which may also be covered by the definition of
Royalty Products in the Solar Sensor License Agreement.
Notwithstanding anything to the contrary contained in this License
Agreement, CDI shall be obligated to pay any royalties to XXXXX
pursuant to the Twilight Sensor License Agreement executed between
XXXXX and CDI (the "Twilight Sensor License Agreement") for the
sale of Royalty Products (as defined herein) which may also be
covered by the definition of Royalty Products in the Twilight
Sensor License Agreement, and such royalties shall be in lieu of
any royalties which would otherwise be paid under this License
Agreement for such Royalty Products, and any modification,
amendment or enhancement of the Invention (as defined in the
Twilight Sensor License
Agreement) which is contained in the Valid Claims or Know How under
this License Agreement shall be treated as an Improvement under the
Twilight Sensor License Agreement.
Section 3.3 CONTROL DEVICES agrees to pay XXXXX an annual
minimum royalty of five thousand dollars ($5,000) in calendar year
1999 and each year thereafter during the life of this License
Agreement. These monies are to be paid on or before January 3rd of
each year, with the monies so paid acting as an advance against
royalties based on the Sale of Royalty Product(s) which royalties
are otherwise to be paid to XXXXX under Sections 3.1 and 3.2 above
during the calendar year only in which said minimum royalty payment
is paid and applicable; so that CONTROL DEVICES shall be allowed to
credit the full amount of each such minimum royalty payment against
the royalties which are based on the Sale of Royalty Product(s)
which would otherwise be paid to XXXXX under Sections 3.1 and 3.2
of this License Agreement during the calendar year in which such
minimum royalty payment is made, with no carryforward of excess
credit against royalties to be paid in other years; and any
royalties to be paid to XXXXX during any calendar year which are in
excess of that year's minimum royalty payment shall be paid as
otherwise required under this License Agreement.
ARTICLE IV. RECORDS AND ACCOUNTING
Section 4.1 CONTROL DEVICES shall maintain accurate records
in sufficient detail and form to enable the royalties hereunder to
be determined. CONTROL DEVICES shall require all Affiliates and
sublicensees, regardless of tier, to keep true and accurate records
and books of account containing data reasonably required for the
computation and verification of royalty payments. Such records
shall include such other accounting and business documents as may,
under recognized accounting practices, contain information bearing
on the amount of royalties payable hereunder, and shall show all
Royalty Products manufactured, sold, put into use, or otherwise
disposed of by CONTROL DEVICES on which royalties are payable under
Article III hereof. CONTROL DEVICES shall be required to keep such
records for a period of six (6) years after each respective
quarterly reporting period referred to in Section 4.2.
Section 4.2 CONTROL DEVICES shall render to XXXXX quarterly
reports or abstracts from such records (in detail showing products
Sold, prices at which Sold and royalty due) together with copies of
customer invoices sent during each quarter within forty-five (45)
days after each March 31, June 30, September 30, and December 31 of
each calendar year, irrespective of whether any Royalty Products
are manufactured, Sold, put into use, or otherwise disposed of by
CONTROL DEVICES, or any of its Affiliates, or sublicensees. Each
quarterly report shall state the amount of royalties due. Such
quarterly reports shall specifically identify all taxes or other
deductions which are excluded from said Net Selling Price and which
are not itemized in an invoice. XXXXX shall keep information from
such reports or abstracts confidential and shall disclose such
information only to the extent required for tax or other similar
purposes or as may be required by law.
Section 4.3 Simultaneously with the making of each such
report, CONTROL DEVICES agrees to pay XXXXX the royalty or minimum
payment specified under Article III hereof, which is shown to be
due and payable by such report.
Section 4.4 Payments for any and all royalties and fees
described in this License Agreement shall be in United States
currency and shall be made by check payable to "Xxxxxx X. Xxxxx"
and forwarded to the following address:
Xxxxxx X. Xxxxx
0000 Xxxxxx Xxxxxx
Xxx Xxxxx, XX 00000
or to such other address that XXXXX may designate by notice in
writing in conformity with Article XVIII below. Quarterly reports
shall be mailed to the same address. It is contemplated hereby
that payments due under this License Agreement for Sales in foreign
countries may be treated differently than payments for Sales in the
United States in that XXXXX shall have the right to elect to
receive royalties in either U.S. dollars or the currency in which
the Sale is made and to receive such royalties in an account in the
United States or in the country in which the Sale is made.
Monetary conversions, from a currency in which a Sale is made into
another currency, shall be made at the official exchange rate for
royalty remittances in force in the country involved on the last
business date of the quarterly period. If there is no official
exchange rate, the conversion shall be made at the rate for such
remittance on that date as certified by Chase Manhattan Bank of New
York (or its successor).
Section 4.5 In the event that no Royalty Products are Sold
during any period for which a report is required hereunder, a
report to that effect shall nevertheless be rendered to XXXXX for
such period.
Section 4.6 CONTROL DEVICES covenants that it will employ
a system of product identification that will permit royalty
calculations to be verified upon subsequent review by XXXXX or his
auditors.
Section 4.7 CONTROL DEVICES agrees to permit its relevant
records to be examined upon reasonable notice during business hours
by an independent certified public accountant at XXXXX'x expense,
provided that (i) such accountant agrees to maintain the
confidentiality of such information and to sign an agreement with
CONTROL DEVICES to that effect if so requested by CONTROL DEVICES,
and (ii) CONTROL DEVICES has agreed to the auditor or auditors in
advance of the audit. If the audit reveals that CONTROL DEVICES
payments to XXXXX have been less than ninety-seven percent (97%) of
the amount owed to XXXXX during the period of audit, CONTROL
DEVICES shall pay the costs of the audit up to a maximum limit of
five thousand dollars ($5,000).
ARTICLE V. CONSTRUCTION
Section 5.1 Nothing in this License Agreement shall be
construed as:
(a) A warranty or representation by XXXXX as to the
validity or scope of any patent rights;
(b) An agreement to bring or prosecute actions or suit
against third parties for patent infringements; or
(c) An agreement by XXXXX to indemnify CONTROL DEVICES or
otherwise hold CONTROL DEVICES harmless, for any liability incurred
regarding the manufacture, use, or sale of the Royalty Products,
including, without limitation, attorneys' fees and costs incurred
in defending claims based on warranty, product liability,
infringement of the proprietary or intellectual property rights of
others, or any other claim.
ARTICLE VI. TERMINATION
Section 6.1 In the event CONTROL DEVICES fails to perform
any of its obligations hereunder, and such failure to perform
constitutes a material breach of its obligations, XXXXX may notify
CONTROL DEVICES in writing of such default and XXXXX shall have the
option of treating this License Agreement as in full force and
effect and of taking proper steps to enforce compliance and to
recover any royalties and other sums due and payable hereunder, or
of terminating this License Agreement and the license granted
hereunder; provided, that in the case where XXXXX elects to
terminate this License Agreement, he shall first send CONTROL
DEVICES notice of his election to terminate this License Agreement
together with a statement as to the grounds upon which the
termination is based. If within a period of thirty (30) days after
such notice CONTROL DEVICES shall have cured such failure to
perform in accordance with the provisions of this License
Agreement, then the notice shall become null and void and of no
effect; otherwise, the notice shall remain effective and this
License Agreement shall cease and terminate at the expiration of
such period.
Section 6.2 Unless otherwise terminated as herein provided,
CONTROL DEVICES' obligation to pay royalties on Royalty Products
shall end when the last such obligation under Article III herein
expires.
Section 6.3 In the event of any termination of this License
Agreement, and except as provided herein to the contrary, all
rights and obligations of the parties hereunder shall cease with
respect thereto, and (i) CONTROL DEVICES shall continue to be
liable for all royalties and other sums accruing hereunder up to
the day of such termination; and (ii) CONTROL DEVICES shall render
a final report and royalty payment and permit a final audit in
accordance with Article IV.
Section 6.4 Upon early termination in accordance with
Section 6.1 of this License Agreement for any cause, (i) XXXXX may
purchase, with CONTROL DEVICES' consent at an agreed upon fair
market price, any CONTROL DEVICE'S rights related to the Invention
that were developed in the commercialization of the Invention up to
the date of such termination, (ii) upon XXXXX'x request, CONTROL
DEVICES shall transfer to XXXXX all XXXXX owned drawings, plans,
models, prototypes and other material related to the Invention, and
(iii) CONTROL DEVICES shall be permitted to complete any
contractual or other legal obligations to third parties regarding
the supply of product or spare parts until such time as XXXXX or
another person has effectively assumed such obligations.
Section 6.5 In the event XXXXX fails to perform any of his
obligations hereunder, CONTROL DEVICES may notify XXXXX in writing
of such default, including a notice of termination and a statement
of reasons for such termination. The notice of termination shall
be served upon XXXXX at least thirty (30) days before a termination
date established by CONTROL DEVICES. Immediately upon service of
such notice of termination, XXXXX shall have the right to begin
negotiations with others for the manufacture, sale, and use of the
Royalty Products. If within a period of thirty (30) days after
such notice, XXXXX shall have cured such failure to perform in
accordance with the provisions of this License Agreement, then the
notice shall become null and void and of no effect; otherwise, the
notice shall remain effective and this License Agreement shall
cease and terminate at the expiration of such period.
Section 6.6 CONTROL DEVICES may terminate the License
Agreement for any reason by providing XXXXX with thirty (30) days
advanced written notice, in which case this License Agreement shall
be null and void and of no further force or effect.
ARTICLE VII. PROSECUTION OF PATENT APPLICATIONS
Section 7.1 XXXXX shall diligently prosecute any and all
patent applications claiming Inventions which he elects to file
and shall pay all fees due to prosecute and prevent such
applications or any issued patents from being abandoned or
forfeited. Within thirty (30) days of its receipt of an invoice
from XXXXX, CONTROL DEVICES shall pay for all such reasonable costs
but only in the following countries, and such additional countries
agreed upon in writing: USA, France, Sweden and Germany.
Section 7.2 In the event CONTROL DEVICES requests that
XXXXX file any patent application claiming Inventions in any
country and XXXXX elects not to file, XXXXX agrees to do so at
CONTROL DEVICES' expense. Should XXXXX decide he wishes to
terminate prosecution or otherwise intends to abandon any patent
applications claiming Inventions, XXXXX shall notify CONTROL
DEVICES of such intention to abandon or forfeit at least sixty (60)
days prior to the time at which the application or patent would
become abandoned or forfeited. In such event, CONTROL DEVICES
shall have the option to continue prosecution or take whatever
action is necessary to prevent the application or patent from
becoming abandoned or forfeited, and CONTROL DEVICES shall have all
rights of ownership to such application or patent.
ARTICLE VIII. INFRINGEMENT
Section 8.1 CONTROL DEVICES is empowered, at its sole
option:
(a) To bring suit in its own name or, if required by law,
jointly with XXXXX, at CONTROL DEVICES' own expense and on CONTROL
DEVICES' own behalf, for infringement of the Licensed Patents;
(b) In any such suit, to enjoin infringement and to collect
for CONTROL DEVICES' benefit all damages, profits, and awards of
whatever nature recoverable for such infringement; and
(c) To settle any claim or suit for infringement of the
Licensed Patents.
Notwithstanding any other provision of this License Agreement,
in any such suit CONTROL DEVICES is entitled to recover CONTROL
DEVICES' expenses before XXXXX is entitled to any royalty payments.
XXXXX shall be entitled to royalty payments for such infringement
but such payments shall be limited to twenty-five percent (25%) of
any excess of CONTROL DEVICES' recoveries over CONTROL DEVICES'
expenses.
Section 8.2 In the event XXXXX shall bring to the attention
of CONTROL DEVICES any unlicensed infringement of the Licensed
Patents and shall furnish CONTROL DEVICES with a written opinion by
a registered patent attorney that such infringement exists, and
CONTROL DEVICES shall not, within three (3) months:
(a) secure cessation of the infringement; or
(b) enter suit against the infringer; or
(c) provide evidence of the pendency of a bona fide
negotiation for the acceptance by the infringer of a sublicense
under the Licensed Patents;
then XXXXX shall thereafter have the right, at his sole option, to
terminate the exclusive license granted herein by notifying CONTROL
DEVICES of such termination in writing; provided, however, that
CONTROL DEVICES shall not be obligated to enter suit against more
than one infringer at a time. Upon termination of CONTROL DEVICES'
exclusive license, CONTROL DEVICES shall retain a license on the
same terms as set forth in this License Agreement except that (1)
the license shall be non-exclusive and XXXXX shall have the right
to license third parties under the Licensed Patents, (2) CONTROL
DEVICES' license shall be limited to making and selling Royalty
Products for customers to whom CONTROL DEVICES is contractually
obligated to sell Royalty Products as of the date of termination or
to whom CONTROL DEVICES has previously Sold commercial quantities
of Royalty Products, and (3) CONTROL DEVICES shall not thereafter
be able to grant any further sublicenses.
Upon such termination, XXXXX may at his option file suit for
the infringement, and any such suit shall be XXXXX'x own expense,
and XXXXX shall collect for his benefit all damages, profits, and
awards of whatever nature which are recoverable for such
infringement. Provided that CONTROL DEVICES has no legitimate
reason to refrain from cooperation, CONTROL DEVICES agrees to
cooperate with XXXXX in such suit by (1) assigning to XXXXX CONTROL
DEVICES' damage claim for past damages incurred up to the time of
termination, (2) providing XXXXX with information and documents
reasonably needed by XXXXX to prosecute such lawsuit, and (3)
making CONTROL DEVICES employees reasonably available to XXXXX as
witnesses (or other similar uses) up to a maximum of fifteen (15)
workdays. CONTROL DEVICES shall participate in any settlement,
verdict, or finding in favor of XXXXX as follows:
(1) actual costs other than legal fees incurred by XXXXX and
CONTROL DEVICES shall be returned to both parties in full, or
prorated equally if costs cannot be reimbursed in full, then
(2) the remainder shall be divided in proportion to the time
spent by each party, except that XXXXX'x time shall be multiplied
by two (2) to reflect the higher cost for his time.
ARTICLE IX. SUCCESSORS AND ASSIGNS
Section 9.1 This License Agreement is intended to be
binding upon the successors and assigns of CONTROL DEVICES and
XXXXX, and their respective Affiliates. Neither CONTROL DEVICES
nor XXXXX may assign this License Agreement without the consent of
the other, except that CONTROL DEVICES may assign this License
Agreement together with the sale or transfer of the business to
which this License Agreement relates. This License Agreement
shall inure to the benefit of XXXXX'x heirs, beneficiaries and
permitted assigns.
ARTICLE X. APPLICABLE LAW
Section 10.1 This License Agreement shall be constructed,
interpreted, and governed by the laws of Michigan.
ARTICLE XI. EFFECT OF PRIOR AGREEMENTS
Section 11.1 This License Agreement embodies all
understandings and agreements between the parties concerning the
subject matter hereof and the license granted, and supersedes and
takes precedence over any previous or contemporaneous
understandings or agreements, oral or written, between the parties
hereto.
ARTICLE XII. WAIVER OF BREACH
Section 12.1 The failure by either party to exercise a right
or enforce an obligation hereunder shall not be construed to be a
waiver of same by either party with respect to future performance.
ARTICLE XIII. SEVERABILITY
Section 13.1 If any portion of this License Agreement shall
be declared void or unenforceable by any court or administrative
body of competent jurisdiction, to the extent that such portion is
not material to the underlying intent of the agreement, such
portion shall be deemed severable from the remainder of this
License Agreement, which remainder shall continue in all respects
valid and enforceable. The parties mutually agree to cooperate in
any revision of this contract which may be necessary to meet the
requirements of the law.
ARTICLE XIV. FORCE MAJEURE
Section 14.1 Neither party shall be under any liability
hereunder to the other party on account of any loss, damage, or
delay caused by the elements, embargoes, failures of carriers, acts
of God or the public enemy, or compliance with any law, regulation
or other governmental order, whether or not valid, as long as the
delay in performance under this License Agreement is not greater
than the period that the above-mentioned actions or events cause
disruption.
ARTICLE XV. INDEMNITY
Section 15.1 CONTROL DEVICES hereby indemnifies and agrees
to require all Affiliates and sublicensees to indemnify XXXXX
against any and all claims in the nature of product liability,
warranty, and infringement of proprietary or intellectual property
rights of others, related to Royalty Products Sold, used or
disposed of by CONTROL DEVICES, its Affiliates or sublicensees.
Said indemnification includes, but is not limited to, claims for
damages, attorneys' fees, or costs. Said indemnification shall not
include claims based on any warranty provided by XXXXX. If any
claim within the scope of CONTROL DEVICES' indemnification
obligation shall be made against XXXXX involving Royalty Products,
XXXXX shall inform CONTROL DEVICES thereof and XXXXX shall
cooperate with CONTROL DEVICES and its attorneys or insurer in a
disposition of any such matters whenever reasonably requested to do
so. CONTROL DEVICES shall assume full responsibility for defense
of any such action for the benefit of itself and XXXXX.
ARTICLE XVI. PRODUCT MARKING
Section 16.1 CONTROL DEVICES agrees to xxxx its products
with appropriate patent notice.
ARTICLE XVII. ENTIRE AGREEMENT AND AMENDMENTS
Section 17.1 This License Agreement contains the entire
understanding of the parties with respect to the matter contained
herein. The parties hereto may, from time to time during the
continuance of this License Agreement, modify, vary or alter any of
the provisions of this License Agreement, but only by an instrument
duly executed by both parties hereto.
ARTICLE XVIII. NOTICES
Section 18.1 Any notice, request, report or payment
required or permitted to be given or made under this
License Agreement by either Party shall be given by sending
such notice by registered or certified United States mail,
return receipt requested, postage prepaid, or by a national
overnight courier service to the address set forth below or
such other address as such Party shall have specified by
written notice given in conformity herewith. Any notice
given in accordance with the provisions of this Section
shall be effective on the date received, as indicated on
the postal service's return receipt, or the overnight
courier's records and any notice not so given shall not be
valid unless and until actually received as evidenced by
competent, written records kept in the normal course of
business.
To XXXXX: Xx. Xxxxxx X. Xxxxx
0000 Xxxxxx Xxxxxx
Xxx Xxxxx, Xxxxxxxx 00000
To CONTROL DEVICES: Control Devices, Inc.
000 Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxx 00000
ATTN: Xxxxx Xxxxxxxx, CEO
ARTICLE XIX. BANKRUPTCY
Section 19.1 If during the term of this Agreement,
CONTROL DEVICES shall make an assignment for the benefit of
creditors, or if proceedings in voluntary or involuntary
bankruptcy shall be instituted on behalf of or against CONTROL
DEVICES, or if a receiver or trustee shall be appointed for
the property of CONTROL DEVICES, XXXXX may, at his option,
terminate this Agreement and revoke the license herein granted
by written notice to CONTROL DEVICES.
IN WITNESS WHEREOF, the parties, by their duly authorized
representatives, have executed and delivered this Agreement as
of the date first written above.
CONTROL DEVICES, INC.
________________________________ By:_______________________________
XXXXXX X. XXXXX Xxxxx X. Xxxxxxxx, CEO
Date: ______________________ Date: ___________________
